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CU System
Iowa foundation homeowner ed receives state award
DES MOINES, Iowa (10/28/09)--The Iowa Credit Union Foundation (ICUF) was recognized by state Attorney General Tom Miller and the Iowa Home Ownership Education Project (IHOEP) for ICUF's efforts to provide home ownership education.
The Iowa Credit Union Foundation (ICUF) received an award for its efforts to provide home ownership education from the state and from the Iowa Home Ownership Education Project (IHOEP). From left are Iowa Attorney General Tom Miller, ICUF Executive Director Marybeth Foster, and Stephanie Preusch, IHOEP executive director. (Photo provided by the Iowa Credit Union Foundation)
The recognition was made during IHOEP's Annual Fall Conference in Des Moines. Marybeth Foster, ICUF executive director, accepted the award on behalf of the foundation. The foundation's primary focus is to eliminate poverty in the state by helping Iowans build wealth, responsibility and independence through its programs, grants and scholarships. It offers an individual development account (IDA) program through the state's credit unions. IDAs are matched savings accounts where the depositor's savings are matched by a grant from another organization. The saver earmarks the savings and matching funds to purchase a specific asset--such as a home, a new or expanded business, education or training, or a vehicle to get to work. Participants must meet income guidelines to qualify and must participate in financial education seminars. "Home ownership is the most popular asset choice in the IDA program," said Foster. "The money saved in an IDA can be used toward down payment, closing costs and other fees associated with buying a home."


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